Investor frustration has been growing since last week’s Federal Reserve meeting, during which the central bank hinted at the possibility of additional interest rate hikes in 2023.
Wall Street on Tuesday experienced a decline in stock prices as traders remained concerned about the potential negative impact of elevated interest rates on economic growth, AFP reports.
Investor frustration has been growing since last week’s Federal Reserve meeting, during which the central bank hinted at the possibility of additional interest rate hikes in 2023.
Other sources of concern include the looming possibility of a government shutdown and the ongoing United Auto Workers strike.
Approximately 15 minutes into the trading session, the Dow Jones Industrial Average had fallen by 1.4 percent to 33,869.66 points.
The broader S&P 500 index saw a 0.6 percent drop to 4,312.60 points, while the technology-heavy Nasdaq Composite Index also declined by 0.6 percent to 13,189.80 points.
“The ingredients are in place for another big leg down on Wall Street,” Adam Sarhan of 50 Park Investments told AFP as he referred to a downward trend.
Source: Almayadeen
